What are the obstacles to digitizing procurement in India, and why haven't there been more efforts in this direction besides Procol?

We got in the market in late 2018, and the market was not ready then. The reason was nobody was looking at digitizing their procurement because the rest of the functions were also not digitized yet. And procurement is probably the last priority for digitization for them. The reason why it has changed is post-COVID digital adoption of solutions accelerated for us.

The second is structuring, or the way to conduct organized business is on the rise. And the reason for that is more investments from outside coming in, or India is generally growing. Companies are outgrowing their incumbents very fast. So they need systems and processes in place to control their spending is another reason why it has happened now. And largely now solutions, which are easy to use, faster to reply, which deliver value to customers are in existence, which were not yet in the market. That made a difference as well.

But overall, companies did not have a demand, and we had to create that demand. And in 2021, we were able to successfully establish our demand gen, which is what led to this growth. Procol, until 2020 end, was able to deliver value to its core five customers. And we have seen significant growth since then and never looked back. And the reason is we can deliver value to five customers. Now we can deliver it to 10X of that.